A Personal Pension transfer will involve transferring the funds from one pension provider to another. This means that all the contributions you have made so far can be transferred to another pension company and from that point onwards you will be making your contribution into the new pension provider.
The question of whether a Personal Pension should be transferred, or not, depends on a number of factors and should not be undertaken without advice.
We will undertake the necessary research for you. As a minimum we also need to consider the following points:
- What are you looking to achieve by transferring the scheme?
- What are the charges for your existing scheme and how do these compare to any alternative arrangement?
- Will any penalties or costs be charged if you transfer away from your existing scheme?
- What is your attitude to risk and how long do we have before you are looking to retire?
- If you are employed, is there a company scheme that you are eligible to join and could they accept the transfer benefits?
- Are there some additional features and benefits that a new scheme can provide that you require and that are not offered by your existing scheme?
- Are there any features or benefits that you would lose if you left your current scheme, such as a guaranteed Annuity rate?
It can often seem difficult trying to weigh up the pros and cons of whether to transfer your Personal Pension or whether to stay with your present provider.
For this reason, you should always seek professional advice.